2021 TSP Contribution Limits Announced

October 26, 2020 3:37 PM
View this article online at https://www.fedsmith.com/2020/10/26/2021-tsp-contribution-limits-announced/ and visit FedSmith.com to sign up for free news updates
Plant growing from coins outside the glass jar on blurred green natural background

iStock.com

The Internal Revenue Service announced today that the maximum annual contribution limit that federal employees can contribute to the Thrift Savings Plan will not change in 2021.

The TSP’s annual contribution limit will remain $19,500 next year, the same as it was in 2020. The catch-up contribution limit for federal employees aged 50 and over also remains unchanged at $6,500.

The limit on annual contributions to an Individual Retirement Account (IRA) remains unchanged at $6,000 for 2021 as well. The additional catch-up contribution limit for individuals aged 50 and over is not subject to an annual cost-of-living adjustment and remains $1,000.

Additional details can be found in the IRS notices about next year’s contribution limits:

© 2020 Ian Smith. All rights reserved. This article may not be reproduced without express written consent from Ian Smith.

Tags:

About the Author

Ian Smith is one of the co-founders of FedSmith.com. He enjoys writing about current topics that affect the federal workforce.

Top